Shell Celebrates Sky-High Profits While the World Burns

POSTED BY JOHN DONOVAN JULY 22, 2023

Shell, the unapologetic polluting behemoth, is set to announce yet another round of astronomical profits, thanks to its reckless exploitation of oil and gas. With profits soaring to billions, Shell’s CEO, Wael Sawan, shamelessly dismisses environmental concerns and slashes green targets. Meanwhile, the world experiences catastrophic climate events, from scorching heatwaves to devastating floods. Greenpeace demands that Shell takes responsibility for the climate havoc it has caused and pays into the Loss and Damage fund, rather than pouring billions into shareholders’ pockets.

In a breathtaking display of greed and irresponsibility, Shell is expected to announce mind-boggling profits yet again, raking in billions from its environmentally destructive practices when it reveals its Q2 earnings. With the price of oil and gas remaining sky-high, Shell seems to care more about its bottom line than the catastrophic climate events unfolding around the globe.

During Q1 of 2023, Shell amassed a staggering $9.6 billion in profits, equivalent to £57,000 per minute – an obscene amount that far surpasses the cost of damage caused by Hurricane Fiona in Canada and the Caribbean. While the world grapples with extreme heatwaves, with temperatures soaring to nearly 50°C in Southern Europe, Shell’s coffers continue to overflow with ill-gotten gains.

Despite the urgent need to combat climate change, Shell’s new CEO, Wael Sawan, has shamelessly backtracked on the company’s green targets, including pledges to cut production. This move comes even as Shell’s own admission acknowledges that limiting global temperature rise to 1.5°C demands an immediate end to fossil fuel growth. But who cares about the planet when there are profits to be made, right?

In a classic case of “profit over planet,” Shell seems more interested in its bottom line than in protecting the environment. The head of renewable generation, Thomas Brostrom, and head of offshore wind, Melissa Read, have both resigned amidst rumors that Shell is contemplating selling its renewable power business. It appears that Shell’s commitment to renewable energy has vanished like a puff of smoke, leaving us to wonder if their green facade was nothing more than a marketing gimmick.

As Shell continues to bask in its extreme profits, the world grapples with extreme weather events that are becoming all too frequent. Cyclone Mocha in Myanmar and Bangladesh, catastrophic wildfires in Canada, and record-breaking heatwaves across continents are just a few examples of the havoc wreaked by climate change. Yet, Shell seems unfazed, pouring billions into the pockets of shareholders while the world burns.

In the face of such gross negligence, Greenpeace is calling for accountability. It demands that Shell and other oil giants pay for the climate loss and damage they have caused by contributing to the Loss and Damage fund, which was agreed upon at COP27. It’s time for Shell to face the consequences of its actions and take responsibility for the havoc it has wreaked on the planet.

Shell’s relentless pursuit of profits has led to over $178 billion in profit over the past decade, with a record-breaking $39.9 billion in 2022 alone. Meanwhile, extreme weather events continue to escalate, from cyclones and wildfires to droughts and floods, leaving communities devastated and vulnerable.

In the face of undeniable evidence of climate catastrophe, Shell must stop its reckless pursuit of profits at the expense of the planet. It’s time for the company to face the consequences and invest in sustainable solutions rather than contributing to environmental destruction. The world is watching, and the time for action is now.

Right of Reply: Shell is invited to point out any factual inaccuracies and provide closing comments for publication in this article on an unedited basis.

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